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TelstraClear CEO departs company

TelstraClear has today announced the departure of its CEO Dr Allan Freeth, pending the completion of the sale of TelstraClear to Vodafone New Zealand tomorrow.

CEO of TelstraClear since 2005, the company says Dr Freeth has successfully led TelstraClear through significant change.

TelstraClear Chairman, Gordon Ballantyne, said TelstraClear had grown from a fledgling challenger to a major profitable player under Dr Freeth’s leadership.

"Allan has also played a key part in the sale of Telstra Clear to Vodafone NZ, which we expect to complete shortly," he says.

"We thank Allan for his commitment and effort over the 7 years he led the company and wish him all the best for the future."

Dr Freeth’s last day with TelstraClear is 1 November 2012.

Earlier today Vodafone announced all regulatory approvals required for its acquisition of TelstraClear have now been granted.

For a cash consideration of NZ$840 million, the acquisition has been approved by the Commerce Commission and the Overseas Investment Office and it set for completion tomorrow.